Local shares start week on positive note

The week on the local share market has started with a day of reasonable gains, reflecting a positive finish on Wall Street at the end of last week.

The All Ordinaries Index closed up 20 points to 5,490 and the ASX 200 ended just over 0.3 per cent higher at 5,513.

No domestic economic data was released on Monday, but in company news the standards and risk management group SAI Global says it has received a conditional and non-binding takeover offer from Pacific Equity Partners, worth up to $1.1 billion.

The board says it has not yet formed an opinion on the offer of between $5.10 and $5.25 per share.

But it has some other pressing matters on its plate, announcing the sacking of the company's chief executive, Stephen Porges, effective immediately, and his interim replacement with SAI's formerly independent chairman Andrew Dutton.

Shares in SAI jumped 17 per cent to $5.01.

Miners, meanwhile, have notched up a reasonable advance despite further falls in the price of iron ore.

The benchmark Chinese spot price fell 1.3 per cent last Friday to $US97.50 per tonne, the lowest price since September 2012.

Both Rio Tinto and BHP Billiton put on just over two-thirds of a per cent, while Fortescue Metals closed 1.1 per cent higher and rare earths miner Lynas Corp jumped 15.4 per cent.

It was a mixed bag for retailers with JB Hi-Fi rising 1.6 per cent, Woolworths gaining 0.3 per cent, and grocery wholesaler Metcash finishing 3.25 per cent higher.

However, department store Myer slumped just over 4 per cent amid reports it is considering starting its clearance sale early because of the impact the warm autumn weather has had on sales of its winter clothing range.

The big four banks also experienced mixed fortunes; Commonwealth Bank shares added almost 0.3 per cent, ANZ gained 0.2 per cent, NAB eased five cents and Westpac gave up three cents.

The Australian dollar treaded water and about 5pm (AEST) was worth 92.38 US cents, 67.8 euro cents, 54.85 British pence, 94.1 Japanese yen and $1.08 in New Zealand.

West Texas Crude oil was worth $US104.91 a barrel, Tapis was lower at $US114.86 and spot gold was almost steady at $US1,292 an ounce.